Black Entrepreneurs Had Strongest Rebound From COVID

Black Entrepreneurs Had Strongest Rebound From COVID

2 minute read

Black business looked as if it was on life support in April of 2020. The pandemic forced some 41% of Black owned businesses shut at that time and there were legitimate concerns as to whether they would ever come back. By August of 2021, however, the number of Black owned companies in America had actually grown 38% compared to pre-pandemic levels. No other group experienced such growth, a testament to the tenacity of Black entrepreneurs and the success of the Buy Black movement. 

 

According to research by Robert Fairlie, a professor at University of California, Santa Cruz, the number of Black business owners actually grew post-pandemic. At the same time, White and Asian entrepreneurs fell by 3% and 2%, respectively. The number of Hispanic owners rose by 15% during this period. Black people are generally forced to be more resilient but Fairlie pointed to another factor: the success of the Buy Black movement, which has surged even more in the post-George Floyd era. In other words, Black people are job creators and increasingly, they are choosing to use that superpower within the community. As a Black owned company, Rap Snacks has also grown through COVID. As you support us, we support our community and we’re using Oowe Fest to help spur other Black entrepreneurs, as well. 

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